But CBI Director-General Carolyn Fairbairn said: “The speech shows a government strong on diagnosis, but weak on action.”

And Justice Minister Philip Lee, a trained GP, sparked fury in No10 when he said: “This Ponzi scheme that we’ve had in play for pensions and for healthcare and for social care for the past 30 years is about to collapse.

“We want you to work really, really hard, but when you get to 65, it’s not going to be there.”

Writing today, Mr Timothy attacks the Department for Business for failing to cap energy bills and not introducing a long-promised industrial strategy — adding: “That is how our economy can be saved from the hard left”.